JOHANNESBURG – South African petrochemicals group Sasol will pay a fine of N$188 million (US$22,70 million) for fixing prices in the fertiliser sector, the company and the South African competition authority said yesterday.
Sasol said it had made provisions to cover the penalty.
The competition authority said the company, which was fined a 318 million euros (US$425,9 million) fine by the European Commission last year for its role in a paraffin wax price-fixing cartel, had divided markets and fixed prices along with its competitors, Omnia and Yara .
‘(The companies) set up various committees to co-ordinate business practices, derive forecasted market shares and ensure balance of supply and demand, h it said in a statement.
The deals also led to Sasol becoming the sole wholesale supplier of limestone ammonium nitrate, a fertiliser product.
The authority said the fine was the highest settlement reached with he competition commission to date and amounts to six percent of the Sasol Nitro division’s turnover.
Omnia and Yara continue to deny the allegations, it said.
-Nampa-Reuters
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